Variables | Pre-crisis | During-crisis | Post-crisis |
|---|
CAP
| −0.0028 (0.0072) | 0.0021 (0.0023) | 0.0002 (0.0062) |
CF
| 0.1482a (0.0319) | 0.0701a (0.0146) | 0.0395c (0.0227) |
G
| −0.0073 (0.0055) | 0.0003 (0.0033) | −0.0028 (0.0063) |
LEV
| −0.0342 (0.0247) | 0.0057 (0.0104) | 0.0355b (0.0181) |
LIQ
| 0.0429b (0.0179) | 0.0924a (0.0094) | 0.0983a (0.0179) |
SIZE
| 0.0062a (0.0022) | 0.0027c (0.0015) | −0.0001 (0.0018) |
TANG
| −0.0859a (0.0183) | − 0.0337a (0.0105) | − 0.0329c (0.0170) |
VOL
| −0.0141 (0.0644) | 0.0566 (0.0499) | 0.0969 (0.0612) |
Constant
| −0.0191 (0.0355) | − 0.0119 (0.0256) | 0.0188 (0.0346) |
R
2
| 0.26 | 0.26 | 0.08 |
N
| 879 | 832 | 1107 |
- This table provides information about the regression results obtained from the panel data model. The pre-crisis period ranges from 2005 to 2007. The crisis period ranges from 2008 to 2010. The post-crisis period ranges from 2011 to 2014. CF is the pre-tax profit plus depreciation and amortization divided by total assets; CAP is the change in fixed assets plus depreciation divided by total assets; G is the percentage change in total assets; LEV is the total liabilities divided by total assets; LIQ is the net working capital less cash divided by total assets; SIZE is the natural logarithm of total assets; TANG is the tangible fixed assets divided by total assets; VOL is the standard deviation of cash flow divided by total assets. Standard errors are in parenthesis. a,b,c indicates significance at 1%, 5%, and 10% respectively
